"Oteh's Removal Damages Capital Market" – Zik Obi

On Monday, the capital market operator and lawyer, Mr. Zik Obi, said the House of Representatives' resolution - which demands that President Jonathan remove the Director General of the Security and Exchange Commission (SEC) Arunma Oteh, - is doing more harm than good.

"This kind of resolution causes a lot of damage to the capital market, especially in a situation where efforts have been made to re-build the market that collapsed a few years ago, getting resolutions that never seem to end creates a lot of problems in the market and give interpretation to foreigners that we are unserious in what we do," Mr. Zik said on Channels Television's programme.

He added that he disagrees with the House of Reps' resolution which they say is based on the DG's lack of the requisite experience of qualification.

Mr. Zik said that Sec. 32A of the SEC Act provides that the DG must be a university graduate and have at least 15 years related experience in capital market operations.

He also added that Sec. 315 clearly defines a capital market operator and those who perform specialized services in the market are operators and hence it doesn’t apply to regulators.